Governor of Riyadh Province Prince Salman bin Abdulaziz officially opened the Al-Bilad Bank in Riyadh today, making it the Kingdom’s 14th bank, the Arab News reported.

Prince Salman welcomed Al-Bilad’s operations on Shariah principles, and said he hopes more Islamic financial institutions will follow.

In his remarks at the opening ceremony, Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayyari praised the Kingdom’s economic growth, and said that the opening of a new bank demonstrates that economic growth and its sustainable development. Al-Sayyari also said that Saudi Arabia’s financial market was open to fostering competition and increasing job opportunities for Saudis, the Arab News reported.